Ajit Jain, who is of Indian origin and closely associated with legendary investor Warren Buffett, has sold about half of his shares in Berkshire Hathaway. This sale comes at a time when Buffett’s company has recently joined the trillion-dollar market cap club.
Sale Details
Ajit Jain, currently the Vice Chairman of Berkshire Hathaway, sold 200 Class A common stocks at an average price of $695,418 per share. This sale earned him approximately $139 million.
Remaining Shares
After this sale, Jain still holds 166 Class A common stocks in Berkshire Hathaway. The shares sold represent 54% of his total holdings. Jain now directly owns 61 shares, the Jain Family Trust holds 55 shares, and the non-profit Jain Foundation Inc. owns 50 shares.
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Background
Ajit Jain joined Berkshire Hathaway’s insurance business in 1986 and was made Vice President in 2018. At one point, he was considered a potential successor to Warren Buffett. Jain continues to head the insurance business at Berkshire Hathaway.
Current Market Capitalization
As of Thursday’s market close, Berkshire Hathaway’s Class A common stock had decreased by 0.69% to $675,380. The company’s market capitalization recently surpassed $1 trillion for the first time but is currently at $977.67 billion following a recent correction.
